Thank you moderators, I'm glad to see I was moved away from "rookies"
If this method will pass backtests it can be used mostly as a scalping system.
For example:
strong down trend
last swing high @1.2850
new swing high @1.2851
the price go down again - we enter short 1 pip under last swing high @1.2849
set stop loss 1 pip over the last swing high @1.2852
let's assume 1 pip spred
our risk is [(1.2852-1.2849)+1]=4
our first target will be (1.2849-4)=1.2845 where we move stop loss at break even point
if the price go down again at (1.2845-4)=1.2841 we move stop at 1.2845
if the price go down again at (1.2841-4)=1.2837 we move stop at 1.2841
and so on...
Here is the chart
If this method will pass backtests it can be used mostly as a scalping system.
For example:
strong down trend
last swing high @1.2850
new swing high @1.2851
the price go down again - we enter short 1 pip under last swing high @1.2849
set stop loss 1 pip over the last swing high @1.2852
let's assume 1 pip spred
our risk is [(1.2852-1.2849)+1]=4
our first target will be (1.2849-4)=1.2845 where we move stop loss at break even point
if the price go down again at (1.2845-4)=1.2841 we move stop at 1.2845
if the price go down again at (1.2841-4)=1.2837 we move stop at 1.2841
and so on...
Here is the chart